Coronavirus, Chinese insurance companies are using blockchain for compensation now that the infections are decreasing considerably
Here are two real and current cases of using the blockchain to cope with the health emergency
Mechanism that allows high levels of transparency and security, the adoption of blockchain in China is growing as the epidemic spreads. Millions of citizens can apply for reimbursement for medical treatment using a simple app, without having to move or undergo the time of bureaucracy.
The Beijing government has in fact ensured that all expenses related to health services and epidemic-related treatments will be covered by basic health insurance.
Blue Cross
Blue Cross Insurance (Bank of East Asia) is using the same mechanism in Hong Kong, with the result of having significantly reduced the verification times of the documents and data sent to then proceed with payments: “The paper procedures have been eliminated and with they also the citizens' coming and going between home, clinic and insurance offices. In this way,moreover, the risk of infection is significantly reduced and the epidemic is better contained ".
Blue Cross also said that the blockchain platform in use allows you to manage up to 1,000 cases / transactions per second, without the involvement of human labor.
A mobile application facilitates the control of requests directly from your network connection device, already after 24 hours from the start of the file.
If all goes well, the insurance company explained, the platform and the app will also be extended to the travel and tourism sector, with additional general insurance products being examined by experts starting from the third quarter of 2020.
Ant Financial
Ant Financial (Alibaba Group), through its mutual aid platform "Xiang Hu Bao" (literally "mutual protection"), reads the South China Morning Post (also of the Alibaba Group), has also listed this disease for the request for any refunds, supporting the Government's action, for a maximum payment of $ 14,320 (about 100,000 yuan).
The platform, which now has more than 100 million users, accessible with the Alipay app, is not an insurance product or service, but a mechanism for sharing compensation claims based on blockchain technology "made in China", developed from Alibaba. There are over 104 million members and almost all live in mainland China, in more or less rural areas.
The system allows, in safety and transparency, to speed up claims for compensation, simpler checks by the provider, faster payments. Each social part involved has the opportunity to monitor the progress of the entire process in real time.
